South Africa-based The Foschini Group (TFG) is set to buy British clothing chain Phase Eight from TowerBrook Capital Partners LP, hastening its international expansion.

TFG will pay $212 million, acquiring an 85% stake in Phase Eight with the remaining 15% being under the latter. TFG will fund the purchase of Phase Eight using proceeds from the sale of RCS Investment Holdings Ltd., a credit provider, as well as its own cash resources. While Phase Eight’s management will continue to hold a stake, TFG retains the right to buy the entire company over three tranches in four, five and six years after completion.

According to TFG, the product and value offering of Phase Eight will combine exceptionally well with TFG’s current brands, with the store and concession portfolio creating a potential platform for the expansion of TFG brands internationally. The purchase increases the number of countries in which TFG operates from 8 to 26, and raises the proportion of cash sales to about 54% annually.